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Nifty

As anticipated Nifty reached the key support for the week at 18040. The rebound from the ‘Dark Cloud Cover’ patternresistance has been strong with both its trend strength indicators placed in their respective bearish zone. Niftyhasnotonlyslipped below its previous days swing low but also registered a close below its 20 DEMA level of 18140 whichwouldactasaresistance for the day. The immediate support for the day is at 17980 below which it may culminate into yet anotherrapidmove. The odds for the same unfolding today remains low as its OI PCR is near 0.70 zone with price action near itsstrongOIcluster of 18000. Hence a bounce back would be awaited to deploy additional shorts in an anticipation for aneventual movetowards 17670 in the coming week. For the day with the option pain being placed around 18100 it is likely that theindexmay respect the support base at 17950-18000 & conclude around 18050-18100 zone itself. For BankNifty thepainstoodat43000 itself only a breakdown below 42700 could see a major shift lower while resistance remains firmat 43600.

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